BlackBerry's (Nasdaq: BBRY) off-balance sheet purchase obligations will limit the premium it will receive in a potential takeover, thinks Pacific Crest analyst James Faucette. BlackBerry has a total of $5.3 billion in obligations, including $4.3 billion in purchase order commitments.

In his view, a consortium may justify paying $8-$10 per share based on service business cash flows, but they may "rush for exits" if new products fall flat and fail to result in positive returns.

Pacific Crest has an Underperform rating on BlackBerry.

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